Wednesday, February 11, 2009

Tips for the Unmarried Buying Real Estate

The details vary but the facts set out by Ellen James Martin in her : Premarital home buyers? Set up some guidelines in ContraCosta Times are not so so rare:

"He's a mid-level manager at the Pentagon whose divorce became final five years ago. She's an elementary school teacher who's never been married. Though madly in love, both favor delaying marriage. So as a step toward commitment, they recently bought a house together.

But a few days after moving in, the two started bickering about who should pay for the extensive home repairs needed to raise it to neighborhood standards. As their arguments have escalated, so has the fear that their courtship could be in jeopardy."
And, of course, they did not have a cohabitation agreement and soon enough it is off to the lawyers and to court.

The writer gives some good points on what should go into a cohabitation agreement and buying real estate:

Here are four pointers for couples considering a home purchase before marriage:

  • Give yourself some latitude on payments.
  • Make sure both partners weigh in on the choice of a home.
  • Talk through how your mortgage payments will be apportioned.
  • Consider using a mediator to assist in developing your agreement.
  • 1 comment:

    Joe Aldeguer said...

    Great article. great info.